Common use of Exercise of Units Clause in Contracts

Exercise of Units. (a) The Unit Holder may elect to be paid for any then vested Unit by timely delivering or mailing to the Company (in accordance with Paragraph 10 below), Attention: Chief Executive Officer and Chief Financial Officer, a notice of exercise, in the form prescribed by the Company, stating therein that the Unit Holder has elected to exercise his Units and specifying therein the number of vested Units for which he is electing to be paid. The exercise of any Units shall not be deemed effective unless and until the Unit Holder has complied with all of the provisions of this Paragraph 2(a). Upon an effective exercise of any one or more Units, the Company shall thereafter pay the Unit Holder in complete satisfaction of each Unit with respect to which such right and option has been exercised an amount equal to: (i) the Fair Market Value of one share of Common Stock on the date of exercise of such right and option minus (ii) the Base Price. Such payment shall be made to the Unit Holder within 30 days after the exercise of such right and option.

Exercise of Units. (a) The Unit Holder may elect to be paid for any then vested Unit by timely delivering or mailing to the Company (in accordance with Paragraph 10 below), Attention: Chief Executive Officer and Chief Financial Officer, a notice of exercise, in the form prescribed by the Company, stating therein that the Unit Holder has elected to exercise his Units and specifying therein the number of vested Units for which he is electing to be paid. The exercise of any Units shall not be deemed effective unless and until the Unit Holder has complied with all of the provisions of this Paragraph 2(a). Upon an effective exercise of any one or more Units, the Company shall thereafter pay the Unit Holder in complete satisfaction of each Unit with respect to which such right and option has been exercised an amount equal to: (ia) the Fair Market Value of one share of Common Stock on the date of exercise of such right and option minus (iib) the Base Price. Such payment shall be made to the Unit Holder within 30 days after the exercise of such right and option.